- U.S. Treasury Secretary Yellen reiterates that Congress should increase or suspend debt limit on bipartisan basis
Market news
9 August 2021
U.S. Treasury Secretary Yellen reiterates that Congress should increase or suspend debt limit on bipartisan basis
- She repeats that increasing or suspending debt limit does not increase government spending, nor does it authorize spending for future budget proposals
- It simply allows Treasury to pay for previously enacted expenditures; failure to meet those obligations would cause irreparable harm to U.S. economy
- In recent years Congress has addressed debt limit through regular order, with broad bipartisan support
- Congress should do so again now by increasing or suspending debt limit on bipartisan basis
- This is shared responsibility, and I urge Congress to come together on bipartisan basis as it has in past to protect full faith and credit of U.S.
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